Answer to Question #221463 in Management for SUSAN

Question

3. Ledger Creation and Accounting Entries in Tally.   

a. Create Following Ledger accounts in tally in Zen Foundation: - 

Account Name  Type (under)

Capital A/C Capital Account

Bank A/C Bank Account

Sales A/C Sales Account

Purchases A/C Purchases Account 

Rent Expenses A/C Expenses (Indirect)

Commission Received A/C Income (Indirect)

Commission Receivable A/C Current asset. 

b. Pass the Following Entries in Zen Foundation.                 

1. Capital Introduced in organization in Bank Rs. 1,20,000/- & in Cash Rs. 30,000/- on 1st April 2020. 2. Cash Deposited in bank on 2nd April 2020 Rs. 15,000/-.

3. Cash purchase of Rs. 40,000/- on 1st May 2020.(Paid From Bank)

4. Cash Sales of Rs. 30,000/- on 31st May 2020.(Received In bank) 

5. Rent Paid Rs. 10,000/- by Cheque on 2nd June 2020.

6. Commission receivable dues on 1st July 2020.

7. Commission received in bank Rs. 4,000/- on 31st July 2020.

8. Cash withdrawn from Bank Rs. 10,000/- on 2nd August 2020.

9. Debit Note Sent to Supplier For Rs. 2,000/- on 1st Oct 2020.

10. Debit Note Received from customer for Rs. 3,000/- on 1st Nov 2020. (To be enter in Credit Note.) 

Answer 1

a.

In Accounting firstly, we do Journal then Ledger Posting then trial balance, then profit and loss account and balance sheet and all these we have to prepare manually but in tally software, we need to enter the journal entry or opening balance remaining things like ledger posting, trial balance, P&L, and Balance sheet will prepare automatically.

To create a new Ledger, firstly go to gateway of tally < Account Info < Ledgers < Create and then create the ledger whatever ledger you want to create.

3. Final date can be easily determined by opening directly any specific ledger by entering D+A+L on the gateway of tally and then open whatever ledger you want to open, or you can also open it via group (if created).

D+A+L is a shortcut that means

D = Display

A = Account Books

L = Ledger

Now by using the ledger data, he can understand how much balance is there in that specific ledger or how much payment he needs to pay, or he will receive or how much expense occurred yet, and many more things.

b